What exactly does an executive have to do to not get a golden parachute? Former GM CEO Rick Wagoner ran the company into the ground, and will now retire with $8.6 million for his trouble. That figure was negotiated down from the $23 million the old pre-bankrupt GM would have had to pay Wagoner. Sorry Rick, but it’s a rough economy.
One thing we love about Rep. Barney Frank is his total unwillingness to allow an interviewer to step on his answer, misrepresent his argument and then slither away. Neil Cavuto practices the dark arts for Fox News in this particular interview, as Frank steadfastly defends his position on exorbitant CEO pay against an avalanche of nasal smugness.